Changes to SPP Contribution Rates
Actuarial valuations are a legislative requirement for pension plans at least every three years. The purpose of these valuations is to provide information on the financial health of a plan over the long term, including the required contribution rates for the next three years.
The most recent actuarial valuation for the Staff Pension Plan (the Plan) was carried out in 2023, covering the three-year period ending December 31, 2022. This valuation – conducted by an external actuary – determined that the Plan is in a strong financial position. The Going Concern ratio of the Plan is now 113.9%, and the Solvency funded ratio is 85.1%.
As a result, we are pleased to share that members of the Plan will see a decrease in contribution rates, starting immediately.
Effective August 1, the University’s contributions will decrease from 12.33% to 11.09%. Employee contributions will decrease as follows:
- Salary Below YMPE Current: 5.11% New: 4.78%
- Salary Above YMPE Current: 6.86% New: 6.53%
Pension plan contributions are shared by the University and employees. These adjustments reflect both the requirements of the Plan documents and collective agreements.
More information on the Staff Pension Plan may be found on these pages.